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Former PNC Bank executive named Charter One Michigan president

Rhode Island-based Citizens Financial Group Inc. announced today that Richard Hampson has been appointed president of Charter One Bank in Michigan, effective Monday.

Hampson joins Citizens from Pittsburgh-based PNC Bank, where he had responsibility for key corporate banking clients across Michigan, northwest Ohio and Canada. He will also lead middle-market banking in the state.

Hampson, who has been based in Michigan since 2001, also previously worked at Comerica Bank.

“Michigan is experiencing a period of renewal, and I look forward to this opportunity to help lead a bank that is making significant investments in its business here and working hard to help Michigan consumers, companies and communities prosper,” said Hampson in a news release.

Citizens Financial, which is headquartered in Providence, is the 13th largest retail bank holding company in the United States, with $126.9 billion in assets as of March 31. It has about 1,370 branches in an 11-state footprint, across New England, the mid-Atlantic and Midwest. It operates as Charter One in Michigan and Ohio.

In May, Citizens Financial announced it had filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock, which is owned by its parent company, the Royal Bank of Scotland Group plc. The number of shares to be offered and price range for the proposed offering have not yet been determined.

More than a year ago, RBS, under pressure from the British government to sell overseas assets and repay a bailout that left the government owning 81 percent of the bank, announced it would try to do an IPO of its U.S. operations by the end of this year.

In January, Citizens announced it had sold its 94 Charter One branches in the Chicago area, with $5.3 billion in assets, to Minneapolis-based U.S.Bancorp for about $315 million.

The Michigan operation has continued to lose assets and market share and has seen a succession of presidents in recent years.

In 2006, Charter One ranked No. 7 in deposit market share in Michigan, according to the Federal Deposit Insurance Corp., with 122 branches, $5.69 billion in deposits and a share of 3.73 percent.

As of last June 30, the most recent date for which data is available, it ranked 10th, with 103 branches, $4.74 billion in deposits and a market share of 2.81 percent, a decline of about 25 percent.

The Michigan operation has had three presidents in less than two years and has been operating without one since last November.

Sandy Pierce stepped down as president and CEO of Michigan operations June 30, 2012. She was later named chairman and CEO of FirstMerit Michigan.

Pierce was replaced by Scott Swanson, who left the bank in January 2013 to become president of the Illinois region of PNC Bank. He was replaced by Ken Marblestone, who left the bank in November 2013 to “pursue other interests.”

Marblestone had been president of Michigan and Ohio operations, and he was replaced in Ohio.